According to the latest report by IMARC Group, titled "Downhole Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global downhole tools market size reached US$ 4.3 Billion in 2022. Downhole tools are the tools used during well drilling, completion, and intervention or well workover activities. These tools help the oil well in optimizing the production levels and maintaining a continuous flow from a reservoir. Several types of downhole tools are used to conduct well activities, such as slickline tools and equipment as well as wireline tools and equipment. These tools help lower the costs involved in oil recovery-related activities from an oil well, enhance the life of an oil well, and improve the continuous flow of fluid. This equipment performs various operations, such as fishing for any leftover equipment or tool in the borehole, repairing and performing cementing and well casing operations, measuring well, and creating fracs in the reservoir bed.
Global Downhole Tools Market Trends:
The global market is primarily driven by the increasing product demand in the oilfields. In line with this, significant developments in directional drilling technologies are creating a positive outlook for the market. Furthermore, the rising adoption of automated solutions and the extensive research and development activities in product development are positively influencing the market. Apart from this, the leading players are strongly focusing on improving the guiding prowess of bit tools in tune with the required rate of penetration (ROP). Moreover, significant growth in unconventional resources, mainly shale gas and oil reserves, along with heavy investments in exploration and production activities, are catalyzing the market. Besides, the widespread usage of the product in bottom-hole assembly (BHA) and end-user applications, such as well intervention and well completion, are propelling the market. Additionally, the rapid uptake of advanced technologies to yield oil and gas efficiently is providing a boost to the market. Some of the other factors driving the market growth include massive demand for oil and gas worldwide, extensive drilling activities, and heavy investments in exploration and production activities to be adequate for the hydrocarbon requisition. On account of the factors above, the market is anticipated to reach a value of US$ 5.6 Billion by 2028, exhibiting a CAGR of 3.9% during 2023-2028.
- On the basis of the product, the market has been categorized into drilling tools, handling tools, flow and pressure tools, control tools, and others.
- Based on the application, the market has been classified into well drilling, well intervention, formation and evaluation, production and well completion, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Baker Hughes Company, Bilco Tools Inc, Halliburton Company, Innovex Downhole Solutions Inc., NOV Inc., Oil States International Inc., Schlumberger Limited, Schoeller-Bleckmann Oilfield Equipment AG, Ulterra Drilling Technologies LP, United Drilling Tools LTD, Weatherford International plc and Wenzel Downhole Tools Ltd. (Basin Tools LP).
|Base Year of the Analysis
||Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Baker Hughes Company, Bilco Tools Inc, Halliburton Company, Innovex Downhole Solutions Inc., NOV Inc., Oil States International Inc., Schlumberger Limited, Schoeller-Bleckmann Oilfield Equipment AG, Ulterra Drilling Technologies LP, United Drilling Tools LTD, Weatherford International plc and Wenzel Downhole Tools Ltd. (Basin Tools LP)
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